Flipper Alert: What’s Happening at MoMo? 8 E. Randolph
We last chattered about MoMo, at 8 E. Randolph, or, as it’s now called, “The Joffrey Residences”, after the Joffrey Ballet that is in the building, in March 2008.
Why didn’t the developer just call it The Joffrey Residences in the beginning?
To me, it will always be MoMo.
Current stats on the building (out of 174 units):
- 17 for sale
- 13 for rent
Some may be both for rent and for sale. I believe closings are still happening in the building.
In March, we chattered about three units, including 2 two-bedroom units and a one bedroom.
One of the three, Unit #2204, a 2-bedroom unit, is still on the market and has been reduced $15,300.
I can’t find a re-sale price on the other two, Units #1108 and #1002, so either they were rented or have been withdrawn from the market.
Ron Goldstein at Sudler Sotheby’s has the listing on Unit #2204.
Unit #2204: 2 bedrooms, 2 baths, 1446 square feet
- Sold in March 2008 for $481,000
- Was listed in March 2008 for $555,000 (parking available in a public garage next door for rent)
- Reduced
- Currently listed at $539,700
- Assessment of $623 a month
- Taxes are “new”
There has been at least one successful flip in the building.
Unit #2006: 1 bedroom
- Sold in March 2008 for $274,000
- Sold in July 2008 for $292,000
The developer is also still trying to sell units in the building.
So, I apologize in advance to all owners that occupy the building but the this building was not planned well.
1. You have to get off the elevator on the 9th floor to get your mail, then wait and get back on to go to the units.
2. There is not enough parking in the building. Trust me, people looking for 2/2s in the 500’s want 1 parking space.
3. The 2nd bathroom finishes are really bad….like 1995 bad.
4. MLS shows 19 rented (probably another 10-20 rented through CL)
1902 also successfully flipped
$315,000 6/08
$329,900 3/08
I forgot to add:
Unit #1108 which I profiled in March was listed then for $515,000. It is no longer listed for sale.
Unit #1408 is on the market from the developer right now for $450,000.
I find it quite surprising for the amount of money that they charged for the units to find drop in sinks. I would have expected undermount.
Why didn’t the developer just call it The Joffrey Residences in the beginning?
Joffrey Ballet signed on well after the building started marketing; I think it was right around the time construction started.
I really dislike the lower portion of the glass windows that are frosted. Whats the point of having floor to ceiling windows if you cant see out of it. Also, what is on the ceiling in the kitchen and living room. Is it conduit for electrical or part of the sprinkler system?
1902 also successfully flipped
$315,000 6/08
$329,900 3/08
Losing money is a successful flip?
#2204 has also been listed for rent since March for $2995/month with no parking available.
Just stopping the bleeding will be considered a success for many.
#2505 also successfully escaped:
Sold 4/25/2008 $500,900
Sold 5/15/2008 $495,000
“Also, what is on the ceiling in the kitchen and living room. Is it conduit for electrical or part of the sprinkler system?”
That is track for track lighting.
As for the frosted lowersections of the windows, I actually like it a lot. I think it adds a nice feel to the space.
There is also a little bit of a scandal going on at 200 Dearborn, it looks like a large portion of their “buyers” are from the same city in California. Hmmm…why would a bunch of people from the same area in California be buying up units in the same building half way across the country? Something is going on…
I believe 200 Dearborn is part of a real estate scam being run by a certain American INVeStment COmpany. I wouldn’t touch anything in their buildings with a 10 foot pole.
This building was marketed by @properties for the developer (Smithfield).
My Bad, I thought you were referring to MoMo… Yes 200 Dearborn is yet another American Inv fiasco.
We still have flippers hoping for double digit appreciation rates in less than a year. Its going to be a long shakeout.
I don’t know who owns 2204 but imagine how much money they are hemmoraging?
I like this building despite all the mentioned shortcomings.
I like this building too. Two questions though: 1. What the heck is a MoMo anyway? and 2. is 540K too much to list for a 2BR/2BA 1450 sf corner unit? Regardless of what the flipper/seller is trying to make as his/her profit, $502K would be about 93% of the list price and that sounds about right to me. I personally think the location is awesome and $350/sf doesn’t sound that bad. Am I totally off? Am I going to be called a knife catcher?
MoMo = Modern Momentum
“Am I going to be called a knife catcher?”
Yes, but do you really care?
What about the parking situation In Towner? I’ll take the Heritage at 130 Garland any day over this place.
Someone told me the square footage includes part of the hallway.
SR – Agree that the lack parking may be an issue for some (I have not checked it out yet myself) but quite honestly, at 50K-60K for deeded spots in this area, I am not convinced that buying parking is really worth it.
The developer did not build parking spaces for the one-bedroom units. Parking is expensive to buy in the building. When we looked at the models, the salesperson mentioned that there was monthly parking to the east of the building and that there would be a bridge from the parking structure to MoMo, hence part of the reason for the 9th floor mailboxes. Maximizing commercial rental space was also another reason for the 9th floor mailboxes.
I would like to know if there are any owner’s out there that are currently occupying their unit @ Joffrey? We are currently renting out our unit and plan to move in next year. What is the opinion of the building as a place to live? Are you happy with the way it is run? How about the neighborhood at night, do you feel safe?
What was the sale price for 1 bedroom units #2002, #2402, #2506? These are all for sale and I was considering making an offer. I could not find sale price in Tribune. Any help will be appreciated.
what will they sell at 2/2 at now?
Well I just moved into a 1 bedroom as a renter here ths october. Before we even moved in, there was water damage to the hardwood floors by the windows due to the apartment above us leaking. This has still not been fixed.
The kitchen appliances are not the best – the sink is horribly shallow and water splashes out of there as if baby dolphins were flocking in there. The exhaust blows the air in the room (why cant they have hoods which vent outside the apartment)? As a result, the cabinets above the exhaust get all greasy.
Other than that, I love the place. I would even consider buying here if I still have a job in a year and the price drops below the ridiculous asking price of 314k.